Market Leader informed
Even though the pair USD/JPY lowered today from the yesterday’s maximum at 81.98 to trade in the 81.30 area, it’s still above 15-year minimum at 80.41 yen hit on Monday.
Elizabeth Belugina an analyst of FBS brokerage company notes that there’s a strong resistance for the greenback at 82 yen which hasn’t let it to break higher already several times during the recent weeks.
In addition, for the whole time of its slump since June except some short period after Japan’s currency intervention conducted on September 15 dollar was capped by its 21-day MA. As a result, if US currency manages to rise above 82 yen there will be more buybacks in dollars.
At the same time, however, specialists at Mizuho Corporate Bank note that Japanese exporters, a growing number of which have recently been decreasing their target levels for selling dollars, are likely to use of any rebound in the US currency to get rid of it.
It’s expected that Japanese exporters will make significant dollar offers at 82 yen and 82.50 yen at the end of month, so 82.50 yen level is probably going to be the highest point of the pair USD/JPY in the near future.
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